Mawer Launches New Fund - Page 3
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Thread: Mawer Launches New Fund

  1. #21
    Senior Member humble_pie's Avatar
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    Quote Originally Posted by dubmac View Post
    ...I agree. Last year they have a tougher year than the previous 5-7 yrs. I hold Mawer, and will continue to. They have many awards that have been earned, and their MAW104 balanced fund is a darling among some of the financial critics and talking heads.

    i don't hold mawer but they are a respected bell-wether. Their balanced outperfomed until recently because of their well-known avoidance of the troubled energy sector.

    recently jas4 posted that mawer balanced had underperformed the TSX 300 over the past year. That - i thought - must be due to the big bounce off the bottom of the trough which benefited broad index toronto, while an energy-poor fund like mawer would have remained outside the bounce.

    longer term, a policy that is still shy on energy might indeed turn out to be a decade winner!

    .

    ''A narrow place can hold a thousand friends" - old Syrian proverb

  2. #22
    Senior Member GreatLaker's Avatar
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    Quote Originally Posted by Eder View Post
    They have a pretty good long term record for beating their benchmarks (after MER etc)...check out their performance & get back to me...(I own some Mawer)

    These guys are the only MF operators that have a clue...
    Their record of beating their benchmarks is good on Canadian and International equities. But on US equities and bonds they have trailed their own benchmarks. The more efficient the market (bonds and S&P500) the more difficult it is to beat the benchmark and the more significant the MER is. Based on that they should have a fighting chance with their Emerging Markets fund.

    Steadyhand does not offer a pure US equity fund or a pure bond fund. Instead they have an equity fund that is focused on North America with 60% Canada, 30% US and 10% global, and a separate Global Equity fund. For fixed income they have an Income fund that mixes bonds with dividend stocks and REITs. IMO Steadyhand performance is OK, but not outstanding, and trails my own indexed portfolio.

    I find that to be quite illustrative, reinforcing the strategy that investors should focus on low cost in very efficient markets.

    I do own some Maw105 for my mad money.
    Eschew obfuscation. Espouse elucidation

  3. #23
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    What I do like about MAW is how they stop accepting contributions once a fund reaches certain size. That shows integrity, although there has to be an element of marketing there too. And their costs compare favourably to the racket offered by the big five. Either way, it benefits investors.

    Still, I don't hold any MAW funds as this wouldn't align with my investment policy.

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  5. #24
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    Just a note that if you hold mawer international equity it already holds 15% emerging markets. I was surprised this was the case and obviously didn't do my homework before buying it.

  6. #25
    Senior Member GreatLaker's Avatar
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    Quote Originally Posted by latebuyer View Post
    Just a note that if you hold mawer international equity it already holds 15% emerging markets. I was surprised this was the case and obviously didn't do my homework before buying it.
    Depends when you bought. The fund's benchmark was changed late last year to add emerging markets.
    See this link: http://www.mawer.com/our-funds/fund-...l-equity-fund/

    ** Mawer International Equity Benchmark History:
    Jan 1988: MSCI EAFE (net)
    Oct 2016: MSCI ACWI ex-USA (net)

    Rationale for Change: MSCI ACWI (net) excluding US Index is a better representation of the mandate in our opinion. For example, the past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement.
    Eschew obfuscation. Espouse elucidation

  7. #26
    Senior Member dubmac's Avatar
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    good to know..I hold some MAWER Int'l fund to supply diversification. I didn't know about that 15% was EM Fund

  8. #27
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    Quote Originally Posted by humble_pie View Post
    recently jas4 posted that mawer balanced had underperformed the TSX 300 over the past year. That - i thought - must be due to the big bounce off the bottom of the trough which benefited broad index toronto, while an energy-poor fund like mawer would have remained outside the bounce.
    Initially I failed to consider that Mawer Balanced is a global fund and very low on Canadian exposure. I made a second comparison using a more representative benchmark (44% XAW, 16% XIC, 40% XBB) in this post

    Mawer Balanced still came shy of that international benchmark, but not by too much. I wouldn't hold this against them.

  9. #28
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    Dubmac, not sure if you are thinking the Int fund held 15% in MAW160 or some other emerging mkts fund but that is not the case. The positions were held as individual companies, and MAW160 is a new fund as OP noted.
    I wouldn't be surprised though to see funds like 102, 104, begin to use MAW160 for their emerging mkt coverage.

    James, MAW104 of course has its own benchark which is: 5% FTSE TMX 91 Day T-Bill Index, 5% Citi World Government Bond Index, 30% FTSE TMX Canada Universe Bond Index, 15% S&P/TSX Composite Index, 15% S&P 500 Index (CAD), 15% MSCI EAFE Index (Net, CAD), 7.5% BMO Small Cap Index (Blended, Weighted) and 7.5% Russell Global Small Cap Index (Gross, CAD) . They acknowledge that they don't try to replicate the holdings of this benchmark, and that they underperformed it last year at 3.2% vs 7.4%.

    The Q4/2016 discussion of results is worth reading. Forex is noted as a significant headwind, and as you noted, their underwieghting in Canada and in cyclicals hurt results last year as well. http://www.mawer.com/assets/Newslett...letter-NET.pdf

    Disclosure - I own MAW104

  10. #29
    Senior Member dubmac's Avatar
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    thanks...I didn't know this either - but it makes sense & is consistent with what I have seen when I check their holdings in each equity fund - which I do periodically. I have never seen their equity funds hold other funds or ETF's - only companies and some cash

  11. #30
    Senior Member Spidey's Avatar
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    If the Mawer International Equity Fund or Mawer Global Small Cap Fund are any indication, they both handily beat their respective indexes over almost all time periods with lower betas. Mawer International Equity has a 5 year return of 13.21% and a 10 year return of 4.42% versus 13.08% and 2.67% for the index.

    Mawer Global Small Cap has a 5 year return of 22.3% (no 10 year available) versus 11.97% for the index.

    I still own the indexes as well but there could be an argument that good mutual funds can add value - particular in the small cap and emerging market categories.


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